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Mast Therapeutics Inc has added a news release to its Investor Relations website.
Title: Mast Therapeutics Engages ESC Advisors To Identify Partnering Opportunities For MST-188
Date(s): 28-Mar-2013 8:01 AM
ADVENTRX PHARMACEUTICALS INC(ANX)
SC 13G
Schedule filed to report acquisition of beneficial ownership of 5% or
more of a class of equity securities by passive investors and certain
institutions
Filed on 01/18/2011
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
SCHEDULE 13G
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULES 13D-1(B), (C), AND (D) AND
AMENDMENTS THERETO FILED PURSUANT TO RULE 13D-2
(AMENDMENT NO. )*
ADVENTRX Pharmaceuticals, Inc.
(Name of Issuer)
Common Stock, $0.001 par value per share
(Title of Class of Securities)
00764X202
(CUSIP Number)
January 06, 2011
(Date of Event Which Requires Filing of This Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
o Rule 13d-1(b)
ý Rule 13d-1(c)
o Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for
any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of
1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
CUSIP No. 00764X202 13G Page 2 of 8 Pages
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
TANG CAPITAL PARTNERS, LP
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ¨
(b) ý
3 SEC USE ONLY
4 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH REPORTING
PERSON WITH
5 SOLE VOTING POWER
0
6 SHARED VOTING POWER
2,229,085
7 SOLE DISPOSITIVE POWER
0
8 SHARED DISPOSITIVE POWER
2,229,085
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,229,085
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
¨
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
9.42%
12 TYPE OF REPORTING PERSON
PN
CUSIP No. 00764X202 13G Page 3 of 8 Pages
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
TANG CAPITAL MANAGEMENT, LLC
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ¨
(b) ý
3 SEC USE ONLY
4 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH REPORTING
PERSON WITH
5 SOLE VOTING POWER
0
6 SHARED VOTING POWER
2,229,085
7 SOLE DISPOSITIVE POWER
0
8 SHARED DISPOSITIVE POWER
2,229,085
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,229,085
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
¨
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
9.42%
12 TYPE OF REPORTING PERSON
OO
CUSIP No. 00764X202 13G Page 4 of 8 Pages
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
KEVIN C. TANG
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) ¨
(b) ý
3 SEC USE ONLY
4 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH REPORTING
PERSON WITH
5 SOLE VOTING POWER
0
6 SHARED VOTING POWER
2,229,085
7 SOLE DISPOSITIVE POWER
0
8 SHARED DISPOSITIVE POWER
2,229,085
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,229,085
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
¨
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
9.42%
12 TYPE OF REPORTING PERSON
IN
Item 1(a). Name of Issuer:
ADVENTRX Pharmaceuticals, Inc., a Delaware corporation (the “Issuer”)
Item 1(b). Address of Issuer’s Principal Executive Offices:
6725 Mesa Ridge Road, Suite 100, San Diego, CA 92121
Item 2(a). Name of Person Filing:
This Statement on Schedule 13G (this “Statement”) is filed by Tang Capital Partners, LP (“Tang Capital Partners”); Tang Capital
Management, LLC, the general partner of Tang Capital Partners (“Tang Capital Management”); and Kevin C. Tang, the manager of Tang
Capital Management.
Item 2(b). Address of Principal Business Office or, if none, Residence:
4401 Eastgate Mall, San Diego, CA 92121
Item 2(c). Citizenship:
Tang Capital Partners is a Delaware limited partnership. Tang Capital Management is a Delaware limited liability company. Mr. Tang is a
United States citizen.
Item 2(d). Title of Class of Securities:
Common Stock, $0.001 par value per share (the “Common Stock”)
Item 2(e). CUSIP Number: 00764X202
Item 3. Not applicable.
Item 4. Ownership.
(a) Amount Beneficially Owned:
Tang Capital Partners. Tang Capital Partners is the beneficial owner of 2,229,085 shares of Common Stock and shares voting and
dispositive power over such securities with Tang Capital Management and Kevin C. Tang.
Tang Capital Management. Tang Capital Management, as the general partner of Tang Capital Partners, may be deemed to beneficially own
the 2,229,085 shares beneficially owned by Tang Capital Partners. Tang Capital Management shares voting and dispositive power over such
shares with Tang Capital Partners and Kevin C. Tang.
Kevin C. Tang. Kevin C. Tang may be deemed to beneficially own the 2,229,085 shares beneficially owned by Tang Capital Partners. Mr.
Tang shares voting and dispositive power over such shares with Tang Capital Partners and Tang Capital Management.
In addition to the foregoing shares, Tang Capital Partners holds a warrant to purchase 591,250 shares of the Issuer's Common Stock at an
exercise price of $2.75 per share (the “A Warrant”). The A Warrant has an expiration date of January 19, 2012. Tang Capital Partners also
holds a warrant to purchase 591,250 shares of the Issuer's Common Stock at an exercise price of $2.75 per share (the “B Warrant”). The B
Warrant has an expiration date of January 11, 2016.
The A Warrant and B Warrant each provide that in no event shall either warrant be exercisable to the extent that the issuance of Common
Stock upon the exercise thereof, after taking into account the Common Stock then owned by Tang Capital Partners and its affiliates, would
result in the beneficial ownership by Tang Capital Partners and its affiliates of more than 4.99% of the outstanding Common Stock (the
"Issuance Limitations"). Tang Capital Partners has the express right, upon sixty-one (61) days written notice to the Issuer, to increase or
decrease the Issuance Limitations, provided that in no event can the Issuance Limitations exceed 9.99%. The Issuance Limitations presently
remains in effect with respect to each warrant and no shares are currently issuable upon exercise of either warrant. Neither the filing of this
Schedule 13G nor any of its contents shall be deemed to constitute an admission by Tang Capital Partners or any other person that it is the
beneficial owner of any of the Common Stock underlying each warrant for purposes of Section 13(d) of the Securities Exchange Act of 1934,
as amended, or for any other purpose, and such beneficial ownership is expressly disclaimed.
(b) Percent of Class:
Tang Capital Partners 9.42%
Tang Capital Management 9.42%
Kevin C. Tang 9.42%
(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote:
Tang Capital Partners 0 shares
Tang Capital Management 0 shares
Kevin C. Tang 0 shares
(ii) shared power to vote or to direct the vote:
Tang Capital Partners 2,229,085 shares
Tang Capital Management 2,229,085 shares
Kevin C. Tang 2,229,085 shares
(iii) sole power to dispose or to direct the disposition of:
Tang Capital Partners 0 shares
Tang Capital Management 0 shares
Kevin C. Tang 0 shares
(iv) shared power to dispose or to direct the disposition of:
Tang Capital Partners 2,229,085 shares
Tang Capital Management 2,229,085 shares
Kevin C. Tang 2,229,085 shares
Item 5. Ownership of Five Percent or Less of a Class.
If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of
more than five percent of the class of securities, check the following: o
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
Not applicable
Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company.
Not applicable.
Item 8. Identification and Classification of Members of the Group.
Not applicable.
Item 9. Notice of Dissolution of Group.
Not applicable.
Item 10. Certification.
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the
purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in
connection with or as a participant in any transaction having that purpose or effect.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Date: January 18, 2011
TANG CAPITAL PARTNERS, LP
By: Tang Capital Management, LLC, its General Partner
By: /s/ Kevin C. Tang
Kevin C. Tang, Manager
TANG CAPITAL MANAGEMENT, LLC
By: /s/ Kevin C. Tang
Kevin C. Tang, Manager
/s/ Kevin C. Tang
Kevin C. Tang
Exhibit 99.1
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(k)(1) promulgated under the Securities Exchange Act of 1934, the undersigned agree to the joint filing of a Statement on
Schedule 13G (including any and all amendments thereto) with respect to the Common Stock, $0.001 par value per share, of ADVENTRX Pharmaceuticals,
Inc. and further agree to the filing of this agreement as an exhibit thereto. In addition, each party to this Agreement expressly authorizes each other party to
this Agreement to file on its behalf any and all amendments to such Statement on Schedule 13G.
Date: January 18, 2011 TANG CAPITAL PARTNERS, LP
By: Tang Capital Management, LLC
Its: General Partner
By: /s/ Kevin C. Tang
Name: Kevin C. Tang
Title: Manager
TANG CAPITAL MANAGEMENT, LLC
By: /s/ Kevin C. Tang
Name: Kevin C. Tang
Title: Manager
/s/ Kevin C. Tang
Name: Kevin C. Tang
Finally, some positive thinking.
Can someone please explain?
4
CULLEY BRIAN M filed this Form 4 on 05/27/10
<< Previous Page | Next Page >>
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940 OMB APPROVAL
OMB Number: 3235-0287
Expires: February 28, 2011
Estimated average burden
hours per response 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*Culley Brian M
--------------------------------------------------------------------------------
(Last) (First) (Middle)
6725 MESA RIDGE ROAD, SUITE 100
--------------------------------------------------------------------------------
(Street)SAN DIEGO CA 92121
--------------------------------------------------------------------------------
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
ADVENTRX PHARMACEUTICALS INC [ANX] 5. Relationship of Reporting Person(s) to Issuer
(Check all applicable) Director 10% Owner
X Officer (give title below) Other (specify below)
Chief Executive Officer
3. Date of Earliest Transaction (Month/Day/Year)
05/27/2010
4. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8) 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4) 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 05/27/2010 P 5,000 A $ 1.89 5,000 D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date
(Month/Day/Year) 7. Title and Amount of Underlying Securities
(Instr. 3 and 4) 8. Price of Derivative Security
(Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4) 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Explanation of Responses:
/s/ Brian M. Culley 05/27/2010
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
05/27/10 DEF 14A Official notification to shareholders of matters to be brought to a vote ("Proxy")
The value did not go down because of a R/S. It went down for lack of good news. Period.
Too late for me to get out. Gonna quit watching everyday as it contributes too my depression. Will check back in October.
Can't find squat on ANX-211. When is the next expected update?
May 6, 2010
Biodel Reports Second Quarter Fiscal Year 2010 Financial Results
Conference Call Today at 4:30 PM EDT
DANBURY, Conn., May 06, 2010 (BUSINESS WIRE) -- Biodel Inc. (Nasdaq: BIOD) today reported financial results for the second quarter ended March 31, 2010.
Second Quarter Financial Results
Biodel reported a net loss for the quarter ended March 31, 2010 of $10.4 million, or $0.44 per share, compared to a net loss of $11.6 million, or $0.49 per share, for the second quarter of fiscal year 2009.
Research and development expenses were $7.0 million for the three months ended March 31, 2010, compared to $8.4 million for the same period in the prior year. The decrease in research and development expenses was primarily attributed to reductions in clinical expenses as patients completed the Phase 3 extension trials for VIAject(R) in February 2010 and reduced manufacturing expenses due to purchasing of a reduced quantity of recombinant human insulin.
General and administrative expenses totaled $3.4 million for the three months ended March 31, 2010, compared to $3.4 million for the same period in the prior year. General and administrative expenses for the quarter ended March 31, 2010 included one-time professional fee expenses associated with the appointment of our new chief executive officer, implementation of our 2010 stock incentive plan and employment agreements. The expenses for the quarter ended March 31, 2009 included a non-recurring (or one-time) severance charge for our former general counsel.
Expenses for the quarter ended March 31, 2009 and 2010 include $1.4 million and $1.3 million, respectively, in stock-based compensation expense related to options granted to employees and non-employees.
Biodel did not recognize any revenue during the quarter ended March 31, 2009 or 2010.
At March 31, 2010, Biodel had cash and cash equivalents of $32.7 million and 23.9 million shares outstanding.
Business Review
On March 30, 2010, the company announced the appointments of Dr. Errol De Souza as president and chief executive officer and Dr. Charles Sanders as chairman of the board. Biodel's co-founder and former chairman and chief executive officer, Dr. Solomon Steiner, has been named chief scientific officer to devote his full-time attention to the development of Biodel's pipeline of early-stage product candidates to treat diabetes.
In February, the U.S. Food and Drug Administration (FDA) accepted for review the company's new drug application (NDA) seeking approval to market VIAject(R) as a treatment for diabetes. The FDA has notified Biodel that the Prescription Drug User Fee Act action date for the application is October 30, 2010. As part of the normal course of the FDA's review, Biodel has received and responded to the FDA's 74-day letter regarding the NDA and recently submitted a 120-day safety update on patient experience with the drug, including data from the recently completed VIAject(R) Phase 3 extension trials. The company will be presenting results from the VIAject(R) program at the Deutsche Diabetes Gesellschaft meeting in Stuttgart, Germany, May 12-15, and will be presenting a number of abstracts on several of the company's product candidates at the American Diabetes Association's annual meeting in June.
Conference Call and Webcast Information
Biodel's senior management will host a conference call on May 6, 2010 beginning at 4:30 pm Eastern Daylight Time to discuss these results and provide a company update. Live audio of the conference call will be available to investors, members of the news media and the general public by dialing +1 (877) 303-8028 (United States) or +1 (760) 536-5167 (international). To access the call by live audio webcast, please log on to the investor section of the company's website at www.biodel.com. An archived version of the audio webcast will be available at Biodel's website.
About Biodel Inc.
Biodel Inc. is a specialty biopharmaceutical company focused on the development and commercialization of innovative treatments for diabetes. Biodel's product candidates are developed using VIAdelTM technology, which reformulates existing FDA-approved peptide drugs. Biodel's new drug application for its most advanced product candidate, VIAject(R), has been accepted for review by the FDA with a Prescription Drug User Fee Act action date of October 30, 2010. Earlier-stage product candidates include VIAtab(TM), a sublingual tablet formulation of insulin, a line of basal insulins, and a stabilized formulation of glucagon. For further information regarding Biodel, please visit the company's website at www.biodel.com.
Safe-Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements represent our management's judgment regarding future events. All statements, other than statements of historical facts, including statements regarding our strategy, future operations, future clinical trial results, future financial position, future revenues, projected costs, prospects, plans and objectives of management are forward-looking statements. The words "anticipates," "believes," "could," "estimates," "expects," "intends," "may," "plans," "potential," "predicts," "projects," "should," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The company's forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual results, performance or achievements to differ materially from those described or implied in the forward-looking statements, including, but not limited to, our ability to secure FDA approval for VIAject(R) and our other product candidates under Section 505(b)(2) of the Federal Food, Drug, and Cosmetic Act; our ability to market, commercialize and achieve market acceptance for product candidates developed using our VIAdel(TM) technology, particularly VIAject(R); the progress or success of our research, development and clinical programs and the initiation and completion of our clinical trials; the FDA's findings regarding data anomalies observed in India in our Phase 3 clinical trial of VIAject(R) for patients with Type 1 diabetes; the possibility that patients taking VIAject(R) may experience more injection site discomfort than they experience with competing products; our ability to protect our intellectual property and operate our business without infringing upon the intellectual property rights of others; our estimates of future performance; our ability to enter into collaboration arrangements for the commercialization of our product candidates and the success or failure of those collaborations after consummation, if consummated; the rate and degree of market acceptance and clinical utility of our products; our commercialization, marketing and manufacturing capabilities and strategy; our estimates regarding anticipated operating losses, future revenues, capital requirements and our needs for additional financing; and other factors identified in our most recent quarterly report on Form 10-Q for the quarter ended December 31, 2009. The company disclaims any obligation to update any forward-looking statements as a result of events occurring after the date of this press release.
BIOD-G
Biodel Inc.
(A Development Stage Company)
Balance Sheets
(in thousands, except share and per share amounts)
September 30, March 31,
2009 2010
(unaudited)
ASSETS
Current:
Cash and cash equivalents $ 54,640 $ 32,716
Taxes receivable 752 766
Other receivables -- 1,406
Prepaid and other assets 482 828
Total current assets 55,874 35,716
Property and equipment, net 3,695 3,255
Intellectual property, net 56 54
Total assets $ 59,625 $ 39,025
LIABILITIES AND STOCKHOLDERS' EQUITY
Current:
Accounts payable $ 1,007 $ 2,913
Accrued expenses:
Clinical trial expenses 5,647 1,777
Regulatory 359 450
Payroll and related 1,117 972
Accounting and legal fees 325 444
Severance 183 46
Other 284 515
Income taxes payable 165 153
Total current liabilities 9,087 7,270
Commitments
Stockholders' equity:
Preferred stock, $.01 par value; 50,000,000 shares authorized, none outstanding -- --
Common stock, $.01 par value; 100,000,000 shares authorized; 23,803,672 and 23,889,612 issued and outstanding 238 239
Additional paid-in capital 176,764 179,537
Deficit accumulated during the development stage (126,464 ) (148,021 )
Total stockholders' equity 50,538 31,755
Total liabilities and stockholders' equity $ 59,625 $ 39,025
Biodel Inc.
(A Development Stage Company)
Condensed Statements of Operations
(in thousands, except share and per share amounts)
(unaudited)
Three Months Ended
March 31, Six Months Ended
March 31,
December 3,
2003
(inception) to
March 31,
2009 2010 2009 2010
2010
Revenue $ -- $ -- $ -- $ -- $ --
Operating expenses:
Research and development 8,361 7,014 16,396 15,768 105,819
General and administrative 3,435 3,377 5,716 5,793 42,438
Total operating expenses 11,796 10,391 22,112 21,561 148,257
Other (income) and expense:
Interest and other income (78 ) (2 ) (320 ) (7 ) (5,496 )
Interest expense -- -- -- -- 78
Loss on settlement of debt -- -- -- -- 627
Operating loss before tax provision (benefit) (11,718 ) (10,389 ) (21,792 ) (21,554 ) (143,466 )
Tax provision (benefit) (89 ) 20 (139 ) 3 (505 )
Net loss (11,629 ) (10,409 ) (21,653 ) (21,557 ) (142,961 )
Charge for accretion of beneficial conversion rights -- -- -- -- (603 )
Deemed dividend -- warrants -- -- -- -- (4,457 )
Net loss applicable to common stockholders $ (11,629 ) $ (10,409 ) $ (21,653 ) $ (21,557 ) $ (148,201 )
Net loss per share -- basic and diluted $ (0.49 ) $ (0.44 ) $ (0.91 ) $ (0.90 )
Weighted average shares outstanding -- basic and diluted 23,717,800 23,885,856 23,698,558 23,867,152
SOURCE: Biodel Inc.
The Trout Group LLCSeth D. Lewis, +1-617-583-1308
Copyright Business Wire 2010
Copyright 2010 Biodel Corporation
May 6, 2010 schedule:
4:00 pm EDT:
Q2 fiscal year 2010 results will be
distributed by Business Wire
4:15 pm EDT:
Conference call participants should dial:
+1 (877) 303-8028 (United States) or
+1 (760) 536-5167 (International)
4:30 pm EDT:
Conference call begins
Adding as well.
Why even make a statement like that? What's done is done. Look ahead, and not behind.
Where's the bottom. I want to reload.
This is so much better than Yahoo.....
I bought @ $1.81 way back when, and got out yesterday @$11.39. Waiting for the bottom so I can recharge.
What a day!!!!!!
Please remove the old. Many thanks for the great job.
Great job BBB. Can you remove the old junk?
Leaving Iraq in 2 weeks. Flying home in a C-23 Sherpa. Probably take a couple of weeks to fly home. There beet up from flying so much over here. How we doin anyhow. I need to by more don't I??
Nate OUT.
China North East Petroleum Poised to Grow 7 comments
by: Nawar Alsaadi August 27, 2009 | about: NEP / PTR / SNP
I have been an investor and a follower of China North East Petroleum (NEP) since mid-2008, and during this time, I have seen the business grow and evolve. The management team has been systematic in its efforts to transform the company from a small oil extractor in the Jilin oil field to a sizable oil player in the nascent Chinese private oil industry. (You may refer to: Tremendous Value Found in China North East Petroleum – January 19th).
The company has crossed a number of milestones in its efforts to achieve its goals. Most notable was its ability to raise $15m dollars in debt (in addition to $13m in warrants) in March 2008 to quicken the pace of its drilling on its existing leases. This acceleration has lead to the expansion of its production capacity from 370,000 barrels yearly run rate at the time of the financing to 900,000 barrels yearly run rate today, and well on its way of hitting the million barrel a year run rate by the forth quarter of this year.
In June of this year, the company crossed a new milestone by listing its shares on the NYSE Amex (You may refer to: China North East Petroleum Catapults to the Next Level – June 18th). The listing has tremendously enhanced the visibility of the company and significantly increased the liquidity of its shares.
The increase in production, revenues, cash flow and reserves during the last few years is only one component of NEP's growth plans. NEP management has big ambitions for the company, and the true extent of their ambitions will only be revealed when one of the following takes place:
- The signature of a new lease with PetroChina (NYSE: PTR), thus greatly expanding the company reserve base and future production potential.
- The acquisition of a competitor in the Jilin oilfield, among the 36 private operators that operate in that field.
- The acquisition of a driller or an oil field services company in order to vertically expand the business.
Recent action by the management indicates that such an event is imminent. The company is perhaps weeks away from undertaking the biggest transformative step in its history. The reasons for my expecting this are as follows:
On November 14th 2008, the CEO Mr.Wang declared the following:
“We are encouraged with our opportunity in the market and continue to focus on expanding our position in China's oil market by adding more wells to our production capacity and seeking additional oil fields to lease and operate.”
On March 30th 2009, Mr. Wang had this to say:
“We have a solidly profitable business and a growing cash position which provides us with a unique opportunity to expand our presence in the northern China region. With oil prices at much lower levels compared to the prior year period, we will continue to evaluate obtaining additional oilfield leases and consider potential acquisition opportunities. We believe our ongoing growth initiatives will expand our market presence and further establish CNEH as an important player in the North China region. We are very excited by our future opportunities and look forward to sharing more of our plans with our shareholders as we progress through the year,' concluded Wang.”
On May 15th 2009, the CEO had this to say:
“We remain highly focused on exploring all possibilities to further expand our business presence and market position in the domestic private oil industry in China. We will do so by continuing to increase our production levels, seeking to acquire new oilfield leases and expanding our business into directly related areas of petroleum operations.”
On August 14th 2009, Mr.Wang reiterated the company commitment to expand:
“Furthermore, the Company's strong cash position provides us with a heavily favored position when applying for new oilfield leases in order to further expand our business presence and market position in the domestic private oil industry in China. The application has been submitted to PetroChina headquarters, and we will update the shareholders on our progress”
NEP was maintaining a strong cash position of $22 million dollars on its balance sheet as of June 30th. This cash position is more than what the company needs to fund its operations, and historically the company has deployed excess cash toward the drilling of additional wells. Furthermore, within two weeks of listing on the NYSE Amex, the company filed a shelf offering for $40m. It is clear that the company is readying its financial capability for a corporate event.
The multiple reiterations by the CEO in addition to the growing cash position along with the filed shelf offering suggest that a transaction is in the works. It is probable that the sharp decline in oil prices in late 2008 and early 2009 delayed the execution of such a transaction; however the conditions today seems to be ripe for the company to go ahead with its expansion plans, the company’s cash position is strong, oil prices are elevated and the company enjoys easy access to the capital markets due to its listing on the NYSE Amex.
Supportive Policy Change
Management indicated in its latest investor presentation during the NYSE Foreign company investment forum on August 5th that PetroChina (PTR) is planning to focus more on overseas expansion while leaving the domestic oil fields to be developed by the domestic private oil players:
“A right fit to the shift of investment objectives of PTR, which plans acquiring oil reserves from overseas, and let private firms to assist domestic oil production”
This assertion by the company has been confirmed by the Sinopec (SNP) announcement on August 24th that it would expand its overseas presence, driven by a government directive to do so, from Bloomberg:
“Sinopec will invest in oil and gas fields overseas and expand refining ventures with foreign partners, while focusing on cost reduction as it expects oil prices to rise in the second half”, Chairman Su Shulin said in the statement.
“Sinopec’s main business is refining and it needs to increase its oil reserves and reduce its reliance on other oil producers,” said Larry Grace, an independent oil analyst based in Hong Kong. “There’s a government directive to increase overseas oil and gas assets.”
Conclusion
The combination of the strong cash position, shelf offering, reiterations by the CEO and the policy directive confirm that a key corporate event is indeed likely imminent.
The official declaration of such an event being a signature of new leases with PetroChina or the undertaking of an accretive acquisition of a competitor or a driller will have a strong positive impact on NEP's shares. Investors would be wise to take a position in the stock ahead of such an announcement.
Disclosure: The author is long NEP shares.
References
- Bloomberg
- China North East Petroleum official website
- Company SEC filings
- Company Presentation
I really like those charts. I'll try and put them on the main page here. I'm still new to this, and frankly, being over here,(Iraq) doesn't help much. Appreciette the help.
I will be happy to add add someone for you Glenn.I have a manage icon I can click on that gives me all sorts of options. You would think assistants would have the same. GLTY
bradford86, would you like to take over as moderator? I am getting extended here, and have no idea when I'll be back.
Thnks to all. Will be home in October. Just in time for October fest I might add.
Yeah, well, historically it does this every summer, which is an easy way to make some money. I'm in this baby for the long run. BTW, Iraq sucks right now......
Married, and still in Iraq. Internet can be slow here, so it's hard to keep up, not to mention I'm busy most of the time.
Hello Bob. I love this stock as well my friend. Hope everything is OK with you. I thought you might have gone on to bigger and better things. Glad your back.
Its a deal. LOL
Many thanks for your sons service tothe. Thanks for the update, and please keep them coming. GL
Hello all. I am currently in Iraq. I have been here since March and am just now getting internet access in my room. Please feel me in with info, as I have little time to research. GLTA
Sold most of my CNEH and bought C @ 1.68 a few days ago. Approaching 3.00... Aig looks interesting as well, any takers?
SEMPER FI BROTHER!
I've averaged down in everything, which I feel good about. I have bought a little of citi group, ge, and even aig. Going back to Iraq in a few weeks, but will have internet available. Will be able to keep tabs on you Bob. LOL
GE is starting to look awfuly tempting......
Man, I hope so.
April, May historically. Not sure how the numbers are going to be seeing how oil is down 60-70% (????). Oil is creeping back though, so I intend on averaging down while I can.GLTA
Mine is too Bob. I'm sticking this one in the back of my filing cabinet for a while. Long term, its gonna blossom.
Sorry, that's old.
December 1, 2008 - 8:30 AM EST
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CNEH 1.90 0.14
Today 5d 1m 3m 1y 5y 10y
China North East Petroleum Announces Preliminary Production Results for October
Crude Oil Production Increases 135% to a Record 70,545 Barrels in October
HARBIN, China and NEW YORK, Dec. 1 /PRNewswire-Asia-FirstCall/ -- China North East Petroleum Holdings, Limited (OTC Bulletin Board: CNEH), a leading oil producing company in Northern China, today announced preliminary results for its October 2008 oil production.
Crude oil production for the month ended October 31, 2008 increased 135%, or 40,479 barrels, to 70,545 barrels from 30,066 barrels for the month ended October 31, 2007. On a sequential basis, crude oil production increased 4,627 barrels, or 7%, compared to the month ended September 30, 2008.
Mr. Hongjun Wang, President of China North East Petroleum commented, 'October 2008 was another strong month for our business. We are particularly pleased to report record production results this month, as both September and October exceeded original estimates by 5,000 barrels. We added 10 new wells in October which brings our total well count to 228. Crude oil production through the first ten months of 2008 increased 141% to 493,333 barrels from 204,346 barrels for the comparable period in the prior year. We believe we are well on schedule with our plan to meet and potentially exceed our 2008 oil production estimate of 623,000 barrels and 240 oil wells by the end of the year.'
ABOUT CHINA NORTH EAST PETROLEUM
China North East Petroleum Holdings Ltd. is engaged in the production of crude oil in Northern China. The Company has a guaranteed arrangement with the Jilin Refinery of PetroChina to sell its produced crude oil for use in the China marketplace. The Company currently operates four oilfields in Northern China.
Statements in this press release which are not historical data are forward-looking statements which involve known and unknown risks, uncertainties or other factors not under the company's control, which may cause actual results, performance or achievements of the company to be materially different from the results, performance or other expectations implied by these forward-looking statements. These factors include, but are not limited to, those detailed in the company's periodic filings with the Securities and Exchange Commission.
For more information, please contact:
China:
Yang Dio Zhang
Chief Financial Office
Tel: +86-451-5558-0253
Email: dio.zhang@cnepetroleum.com
United States:
Chao Jiang
Director of Finance
Tel: +1-212-307-3568
Email: chao.jiang@cnepetroleum.com
Bill Zima
ICR, Inc.
Tel: +1-203-682-8200
SOURCE China North East Petroleum Holdings Ltd.
Source: PR Newswire (December 1, 2008 - 8:30 AM EST)
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